PRESS RELEASE

Detrex Corporation Reports First Quarter Results

Southfield, Michigan – April 24, 2003 - Detrex Corporation (NASDAQ: DTRX), a diversified manufacturer of chemicals and allied products, today announced results for the first quarter of 2003.

First quarter net sales increased to $15.0 million from $14.7 million in the comparable period last year. The company incurred a net loss from continuing operations of $151,674, or $0.09 per share, compared to net income from continuing operations in the same period last year of $182,676, or $0.12 per share. Net income, including the gain on sale of property reported in discontinued operations, was $139,496, or $0.09 per share, for the first quarter 2003 compared to $182,676, or $0.12 per share, in the prior year. 

Compared to 2002, the year-over-year increase in sales is due to higher volume at Harvel, which increased its revenues by 8.6%; this improvement was partially offset by a 9.4% reduction in sales at Elco. The improvement at Harvel is in comparison to a very weak first quarter of 2002, while the decline in sales at Elco is primarily the result of reduced demand for semi-conductor grade hydrochloric acid.

The pre-tax loss from continuing operations of $194,361 in the first quarter of 2003 represents a decline in earnings of nearly $500,000 when compared to pre-tax income from continuing operations of $304,533 in the first quarter of 2002. The principal components of this decline were increased pension expense of $327,500 and the expiration at the end of 2002 of a royalty agreement which contributed $168,865 to the first quarter 2002 results.

A number of actions were taken to further the exit from the discontinued Parts Cleaning Technologies (PCT) segment. The former Los Angeles branch was closed and sold for $625,000 which, after carrying costs and transaction costs, resulted in a gain, net of tax, of $291,170 and is reflected in discontinued operations. Holding costs related to the remaining PCT properties resulted in $54,000 of expense, which was charged to continuing operations and contributed to the net loss from continuing operations indicated above.

Commenting on the company’s results, President and CEO, Tom Mark said: “In the first quarter, general uncertainty and the pending Iraq war further deteriorated already poor economic conditions. Although results were below our plans and expectations, the operating units performed profitably. When economic conditions improve, we expect to see stronger performance from the operating units and the business as a whole.”

Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “1995 Act”). The words “believe,” “expect,” “anticipate,” “estimate,” “guidance,” “target” and similar expressions identify forward-looking statements. The Company cautions readers that forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in the forward-looking statements. Certain risks and uncertainties are identified from time to time in the Company’s reports filed with the SEC. Some factors that could cause results to differ materially from those projected in the forward-looking statements include: market conditions, environmental remediation costs, liquidation value of assets, and marketability of real estate. The Company claims the protection of the safe harbor for forward-looking statements contained in the 1995 Act.